The UN Capital Development Fund (UNCDF) is dedicated to helping the world’s Least Developed Countries (LDCs) achieve the Millennium Development Goals (MDGs).This annual report documents UNCDF’s programmatic, managerial and financial performance in 2009 against established targets.This report also highlights the results of an internal reflection begun in late 2008 with a view to ensuring that UNCDF can continue to keep pace with growing LDC demand for its services.